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January 31, 2003

FGH offshore division sale completed
Friede Goldman Halter, Inc. says it has completed the previously announced sale of substantially all of the assets of its offshore division to ACON Offshore Partners LP and its affiliates (ACON), a Delaware limited partnership. The sale was finalized for a purchase price of approximately $61 million, consisting of cash and the assumption of secured debt.

"We are pleased with the outcome in closing this transaction and we commend the Restructuring Committee of the Board of Directors and the Unsecured Creditors Committee for their efforts," said T. Jay Collins, FGH Chairman and CEO.

Now that the sale of the offshore assets is complete, Friede Goldman Halter intends to concentrate on promulgation of its plan of reorganization. The Company expects to file its plan early in the first quarter of 2003. As previously reported, the company does not expect that existing equity security holders will receive any recovery under the plan.

ACON's new company will operate its acquired assets in Pascagoula, Mississippi and Port Arthur, Texas under the name of Signal International, LLC (Signal). Signal will provide new construction, upgrade and repair of all types of offshore drilling rigs, floating production units, and inland and offshore drilling and derrick barges.

The Signal International management team is headed by Dick Marler, President and CEO. It also includes Ron Schnoor, who will be President of Signal's Mississippi operations, and John Haley, who will serve as President of Signal's Texas operations. Additionally, Robert Shepherd is named as Executive Vice President for Business Operations and Chris Cunningham will serve as Chief Financial Officer.

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